Market Newsdesk

Amryt Receives Ministry of Health Reimbursement Approval for Lojuxta® (lomitapide) in Saudi Arabia

DUBLIN, Ireland, and Boston MA, December 17, 2020, Amryt (Nasdaq: AMYT, AIM: AMYT), a global, commercial-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from serious and life-threatening rare diseases, is pleased to announce Ministry of Health reimbursement approval has been granted for Lojuxta® (lomitapide) in the Kingdom of Saudi Arabia. 

Lojuxta® has been approved as an adjunct to a low-fat diet and other lipid-lowering treatments, with or without low density lipoprotein (LDL) apheresis, to reduce low-density lipoprotein cholesterol (LDL-C) in adult patients with homozygous familial hypercholesterolaemia (HoFH). 

Dr Joe Wiley, CEO of Amryt Pharma, commented today:  “We are very pleased that the Ministry of Health in the Kingdom of Saudi Arabia has approved the reimbursement of Lojuxta® which will give Saudi patients suffering from HoFH the opportunity to access Lojuxta®.  Today’s news represents further progress in our efforts to grow the geographic reach of our commercial products in both existing and new territories and to make Lojuxta® available to HoFH patients in need globally.”

About Amryt

Amryt is a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare and orphan diseases. Amryt comprises a strong and growing portfolio of commercial and development assets.  

Amryt’s commercial business comprises two orphan disease products.

Amryt’s lead development candidate, FILSUVEZ® (oleogel S-10) is a potential treatment for the cutaneous manifestations of Epidermolysis Bullosa (“EB”), a rare and distressing genetic skin disorder affecting young children and adults for which there is currently no approved treatment.  FILSUVEZ® has been selected as the brand name for the product. Amryt does not have regulatory approval for FILSUVEZ® to treat EB. In September and October 2020, Amryt reported positive results from its pivotal global Phase 3 trial in EB. The product has been granted Rare Pediatric Disease Designation and has also received a Fast Track Designation from the U.S. Food and Drug Administration.

Myalept® / Myalepta® (metreleptin) is approved in the US (under the trade name Myalept®) as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy (GL) and in the EU (under the trade name Myalepta®) for the treatment of leptin deficiency in patients with congenital or acquired GL in adults and children two years of age and above and familial or acquired partial lipodystrophy (PL) in adults and children 12 years of age and above for whom standard treatments have failed to achieve adequate metabolic control. Metreleptin is also approved for lipodystrophy in Japan. Generalised and partial lipodystrophy are rare disorders characterised by loss or lack of adipose tissue resulting in the deficiency of the hormone leptin, produced by fat cells and are associated with severe metabolic abnormalities including severe insulin resistance, diabetes, hypertriglyceridemia and fatty liver disease.

Juxtapid®/ Lojuxta® (lomitapide) is approved as an adjunct to a low-fat diet and other lipid-lowering medicinal products for adults with the rare cholesterol disorder, Homozygous Familial Hypercholesterolaemia (“HoFH”) in the US, Canada, Columbia, Argentina and Japan (under the trade name Juxtapid®) and in the EU and Brazil (under the trade name Lojuxta®). HoFH is a rare genetic disorder which impairs the body’s ability to remove low density lipoprotein (“LDL”) cholesterol (“bad” cholesterol) from the blood, typically leading to abnormally high blood LDL cholesterol levels in the body from before birth – often ten times more than people without HoFH – and subsequent aggressive and premature cardiovascular disease.

In March 2018, Amryt in-licensed a pre-clinical gene-therapy platform technology, AP103, which offers a potential treatment for patients with Recessive Dystrophic Epidermolysis Bullosa, a subset of EB, and is also potentially relevant to other genetic disorders.  For more information on Amryt, including products, please visit www.amrytpharma.com.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014.  The person making this notification on behalf of Amryt is Rory Nealon, CFO/COO and Company Secretary.

Forward-Looking Statements

This press release may contain forward-looking statements containing the words “expect”, “anticipate”, “intends”, “plan”, “estimate”, “aim”, “forecast”, “project” and similar expressions (or their negative) identify certain of these forward-looking statements. The forward-looking statements in this announcement are based on numerous assumptions and Amryt’s present and future business strategies and the environment in which Amryt expects to operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These statements are not guarantees of future performance or the ability to identify and consummate investments. Many of these risks and uncertainties relate to factors that are beyond each of Amryt’s ability to control or estimate precisely, such as future market conditions, the course of the COVID-19 pandemic, currency fluctuations, the behaviour of other market participants, the outcome of clinical trials, the actions of regulators and other factors such as Amryt’s ability to obtain financing, changes in the political, social and regulatory framework in which Amryt operates or in economic, technological or consumer trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. No person is under any obligation to update or keep current the information contained in this announcement or to provide the recipient of it with access to any additional relevant information that may arise in connection with it. Such forward-looking statements reflect the Company’s current beliefs and assumptions and are based on information currently available to management.

Contacts

Joe Wiley, CEO, +353 (1) 518 0200, [email protected]

Rory Nealon, CFO/COO, +353 (1) 518 0200, [email protected]

Edward Mansfield, Shore Capital, NOMAD, +44 (0) 207 468 7906, [email protected]

Tim McCarthy, LifeSci Advisors, LLC, +1 (212) 915 2564, [email protected]

Amber Fennell, Consilium Strategic Communications, +44 (0) 203 709 5700, [email protected]              

CAMBRIDGE, Mass., Dec. 17, 2020 (GLOBE NEWSWIRE) — NSR’s Global Satellite Ground Segment, 5^th Edition report, released today, forecasts global, cumulative revenues for the Commercial Satellite Ground Segment by 2029 at $138 Billion. Data-driven applications are very dynamic with VSAT platforms growing at double-digit rates in the next 10 years. Backhaul, Consumer Broadband, and specialized Enterprise VSAT show the highest interest in this category. For Antennas and RF Chains, the focus is on high-end segments like Earth Stations, where opportunities will come from feeding Broadband networks and the transition to Q/V-Bands, or Mobility, with sophisticated requirements keeping margins at healthy rates. On the other hand, while volumes of Satellite TV are still unmatched by any other application, revenues are stagnant for STB and low-end antennas.

“The Ground Segment has been one of the hardest-hit elements of the satcom value chain brought about by COVID-19,” stated Lluc Palerm, NSR Senior Analyst and report author. “Q2 was a disaster for many actors, and 2020 will close with revenues down by 18.6%. Deployments and new deals were halted due to travel restrictions, challenges with the value chain and caution with expenditures. However, this must not divert attention from long-term extraordinary potential. The recovery is already underway as infrastructure gets ready for future VHTS/Constellation launches. Backhaul and Consumer Broadband also see the cadence of deals accelerating, while ease of travel restrictions together with new business models like free-Wi-Fi boost demand for Mobility equipment,” according to Palerm.

With the value in the industry climbing from ‘MHz’ to ‘Networks’, the Ground Segment must step up its game to enable Satcom growth. The transition to 5G is critical in this sense, as satellite has an opportunity to become a mainstream technology, fully integrable with the terrestrial ecosystem. Similarly, adoption of virtualization and the Cloud will minimize design and operation costs while allowing the scale and flexibility needed to meet the requirements of VHTS and constellations. However, the report notes that flat panel antennas (FPAs) continue to be the Achilles heel for mega-constellations, targeting the consumer broadband segment, as it is unclear how these antennas can be produced at cost levels that allow closing the business case.

About the Report

NSR’s Global Satellite Ground Segment, 5^th Edition is the longest-standing and the most complete analysis and forecast of the commercial satellite ground equipment sector. The study leverages NSR’s extensive and in-depth satellite industry knowledge and provides shipments and equipment revenues for all key industry segments: Satellite TV, Consumer Broadband, Fixed Enterprise VSAT, Cellular Backhaul, Trunking, IP Content Distribution, Aeronautical SatCom, Land Mobile, Maritime, Baseband Equipment, SatCom Earth Stations and M2M. It is the first and only report to segment equipment shipments and revenues into STB, modems, antennas and RF Equipment. The report covers shipments and equipment revenues in five regional markets, investigates trends impacting market growth and business models, and surveys technological trends shaping the future of the ground equipment and impacting the satellite industry as a whole. The Global Satellite Ground Segment, 5^th Edition report relies on NSR’s extensive knowledge of the satellite MSS, FSS and HTS industries using the different targeted analysis in each market segment as building blocks for this global study.  For additional information on this report, including a full table of contents, list of exhibits and executive summary, please visit www.nsr.com or call NSR at 617-674-7743.

Companies and Organizations Mentioned in the Report

Astronics, Broadpeak, CGC, Cobham, Comtech, CPI, EchoStar, Eutelsat, Forsway, GateHouse, GD Satcom, Gilat, Global Invacom, Harris, Harris Corporation, Honeywell, Hughes, iDirect, Inmarsat, Intellian, Intelsat, Iridium, Jonsa, KNS, Kongsberg, Kratos, KVH, L3 Datron, Maxar Technologies, ND Satcom, NEOTION, Newtec, Norsat, O3b, OneWeb, Orbcomm, Orbit, Orbital Systems, Panasonic, Qest, Quadrille, Satixfy, SES, SINUTA, Spacebridge, SpaceTrack, SpaceX, Taznia, Tecom, Teledyne, Telesat, Terrasat Communications, Thinkom, Thuraya, UHP, ViaSat, and Zodiac Aerospace.

About NSR

NSR is the leading global market research and consulting firm focused on the satellite and space sectors. NSR’s global team, unparalleled coverage and anticipation of trends with a higher degree of confidence and precision than the competition is the cornerstone of all NSR offerings.  First to market coverage and a transparent, dependable approach sets NSR apart as the key provider of critical insight to the satellite and space industries.  Contact us at [email protected] to discuss how we can assist your business.

Press Contact:
Kristen Kloster-Grady
NSR Marketing Director
[email protected]

ST HELIER, Jersey, Dec. 17, 2020 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL) is pleased to announce that further to its announcement on December 10, 2020, that it had entered into an option agreement over Glen Hume, it has now entered into a further option agreement in respect of another area in Zimbabwe. This option agreement gives the Company the exclusive right to explore and subsequently, if exploration is successful and at its sole discretion, acquire the mining claims over an area known as Connemara North, a property which, like Glen Hume, is situated in the Gweru mining district in the Zimbabwe Midlands that has historically produced significant quantities of gold.

Connemara North is the northern section of the currently closed Connemara mine which was previously owned by First Quantum Minerals (“First Quantum”); it was placed on care and maintenance in 2001 and subsequently disposed of in 2003. It has not been commercially mined since this time but before being placed on care and maintenance the Connemara mine produced approximately 20,000 ounces of gold per annum from an open pit heap leach operation. Previous public disclosures made by First Quantum in 2001 indicated that they had plans to expand the existing open pit operations at Connemara mine, when gold prices were approximately $300/oz. At this stage it is not possible for Caledonia to verify any of the work performed by previous owners or to ascertain what proportion of any purported resource lay within the boundaries of the Connemara North property over which Caledonia has secured the option. The property is approximately 30km from Glen Hume with good road access between them offering the potential of operating synergies should Caledonia decide to develop both areas.

The option gives Caledonia the right to explore the area for a period of up to 18 months and subsequently, if exploration is successful and at its sole discretion, to acquire the mining claims over the area. The total consideration is an initial payment of $300,000, followed by a further payment of $5 million (payable in cash or shares at the discretion of the vendor) which would be payable should Caledonia decide to exercise its right to acquire the mining claims. Caledonia has also agreed to the payment of a one per cent net smelter royalty to the vendor on gold it produces from Connemara North.

Commenting on the announcement, Steve Curtis, Chief Executive Officer, said:

“We are pleased to enter into this option agreement which gives us the right to explore and subsequently to acquire mining claims over the Connemara North property, part of a wider area that contained a previously operational mine which shows great potential and has been lying untapped for 20 years.

“Connemara North is also in close proximity to the Glen Hume property over which we have already acquired an option. We are excited at the prospectivity of these two properties and if evaluation work proves successful and our exploration programs deliver favorable results, Caledonia will have a great opportunity to establish a footprint in the highly prospective Zimbabwe Midlands which could deliver operating synergies between the two sites.

“This has been a busy year for Caledonia and with the completion of Central Shaft in sight I am pleased that we are now able to start delivering on the other components of our corporate strategy.”

For further information please contact:

Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall	Tel: +44 1534 679 802 Tel: +44 7817 841793
WH Ireland Adrian Hadden/James Sinclair-Ford	Tel: +44 20 7220 1751
Blytheweigh Tim Blythe/Megan Ray	Tel: +44 207 138 3204
3PPB Patrick Chidley Paul Durham	Tel: +1 917 991 7701 Tel: +1 203 940 2538

Note:   This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information”,
“financial outlooks” or “future oriented financial information” (collectively, “forward-looking information”) within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development, construction plans, financial and shareholders returns on investment projects.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, the completion of construction projects, the proposed benefits from construction projects and other factors.

 

To the extent any forward-looking information herein constitutes a financial outlook or future oriented financial information,
any such statement is made as of the date hereof and included herein to provide prospective investors with an understanding of the Company’s plans and assumptions. Security holders, potential security holders and other prospective investors are cautioned that such information may not be appropriate for other purposes and should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners, contractors and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; 
risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); 
availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase, construction activity and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned that the assumptions used in the preparation of such forward-looking information, although considered reasonable at the time of preparation, may prove to be imprecise and, accordingly, they should not place undue reliance on such forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) — VALOREM RESOURCES INC. (“VALU” or the “Company“) (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) to acquire a 100% interest in the Wing Shear Zone property (the “Property”) located in central Newfoundland, Canada and it is arranging a non-brokered private placement of securities (the “Private Placement”).

The term of the LOI call for cash payments of $45,000 on signing, $3,000,000 work commitments over 3 years and the issuance of 4.5 million shares of the Company over a period of two years, plus a 10% finder’s fee. The Property is subject to a 2% royalty (NSR) with an option to buy back 1.5% for $1 million.

The Property is comprised of 280 claim units covering 7000 hectares; it covers a 1 km long untested gold trend located 32 km northeast of the town of Gander, Newfoundland and Labrador and is located approximately 27 km east of the Newfound Gold Inc.’s Queensway Project. The gold trend is shear zone hosted (the Wing’s Pond Shear Zone) and previous historic sampling is reported with assay results up to 12.2 g/t Au from grab samples. There has been no previous drilling in this area.

Highlights

• Regional scale land package covering deep seated structural zone parallel to the structural trend underlying Newfound Gold’s Queensway Project.
• Greenfield project with drill targets identified
• No prior drilling completed on the showing.
• The Wings Shear Property has values from grab samples of up to 12.2 g/t Au.
• The Wing’s Pond mineralized trend has been traced for a strike length of 1.0 km and channel sampling retuned values of up to 9.8 g/t Au over 1.0 meters from the main Wing’s Pd showing
• Additional gold mineralization was found associated with brecciated quartz veins within the Indian Bay-Big Pond Formation. This formation is 14 km long and 1.2 km wide.
• Channel sample from this area assayed up to 1.49 g/t Au, and 0.92 g/t Au over 1.0 m

A photo accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/50f32bab-5c77-40e9-ab51-e4664b54a361

Note: The data reported here is historic in nature and has not yet been verified by a Qualified Person.  Valorem has relied on the information supplied in the NL govt filed assessment reports and from information found in MODS (Mineral Occurrence Data System) published by the Newfoundland Department of Natural Resources. The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/c490419d-350c-49b8-8d60-a2a0ec6a5006

https://www.globenewswire.com/NewsRoom/AttachmentNg/576a47cc-1122-4cbe-acdf-857383aed2b6

Geology

Situated in the Gander Tectono-Stratigraphic Geological Zone, the Property is underlain by the Indian Bay Big Pond and the Johnathan’s Pond formations. It hosts the regionally significant Wing’s Pond shear zone which extends for 40-km in a north northeast direction and is associated with a number of historic gold showings. The gold is generally associated with arsenopyrite, stibnite, and base metal sulphides hosted in quartz/breccia veins.

Local exploration service company Planet X Exploration Services Ltd. has been retained through a local group of prospectors as the project operator. The Company looks forward to advancing the Property in the near future with the local Newfoundland partnership.

Wayne Reid, P. Geo., a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release. 

The Company has also arranged a non-brokered private placement of up to 18,181,818 units (each a “Unit”) at a price of 11 cents per Unit to raise gross proceeds of up to $2,000,000. Each Unit consists of one common share of the Company (a “Share”) and one transferrable Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Share at a price of $0.135 for term of 1 year following closing.

This financing is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. A finder’s fee commensurate with regulatory policies may be paid, if applicable.

The proceeds from the Private Placement will be used for general working capital, administration, exploration programs and investigating new properties for exploration.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Valorem Resources Inc.

Valorem explores and develops precious metal properties in the Americas.

For further details and maps, please see:

https://valoremresources.com/

ON BEHALF OF THE BOARD – Valorem Resources Inc.

(signed) Gregory M Thomas, President
Email: [email protected]
Phone: 604-283-6110

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings which are available at www.sedar.com 

PRESS RELEASE

AB SCIENCE ISSUES A CORRECTIVE PRESS RELEASE

Paris, December 17, 2020, 8am CET

AB Science SA (Euronext – FR0010557264 – AB) today announced that the press release issued on December 16, 2020 regarding the results from study AB09004, which evaluated masitinib in the treatment of Alzheimer disease, contained a material error in the adverse events information reported.

The percentage of adverse events observed in study AB09004 study comparing the efficacy and safety of masitinib relative to placebo after 24 weeks of treatment when administered as an add-on therapy to cholinesterase inhibitor (donepezil, rivastigmine or galantamine) and/or memantine, were the following with masitinib 4.5 mg/kg/day:

• 87.0 % of patients had at least one adverse event in the masitinib arm versus 77.5 % in the control arm
• 13.0 % of patients had at least one serious adverse event (non-fatal) in the masitinib arm versus 5.4 % in the control arm
• 26.5 % of patients had at least one severe adverse event in the masitinib arm versus 19.3 % in the control arm

The results of the efficacy analysis remain unchanged.

About masitinib

Masitinib is a new orally administered tyrosine kinase inhibitor that targets mast cells and macrophages, important cells for immunity, through inhibiting a limited number of kinases. Based on its unique mechanism of action, masitinib can be developed in a large number of conditions in oncology, in inflammatory diseases, and in certain diseases of the central nervous system. In oncology due to its immunotherapy effect, masitinib can have an effect on survival, alone or in combination with chemotherapy. Through its activity on mast cells and microglia and consequently the inhibition of the activation of the inflammatory process, masitinib can have an effect on the symptoms associated with some inflammatory and central nervous system diseases and the degeneration of these diseases.

About AB Science

Founded in 2001, AB Science is a pharmaceutical company specializing in the research, development and commercialization of protein kinase inhibitors (PKIs), a class of targeted proteins whose action are key in signaling pathways within cells. Our programs target only diseases with high unmet medical needs, often lethal with short term survival or rare or refractory to previous line of treatment.
AB Science has developed a proprietary portfolio of molecules and the Company’s lead compound, masitinib, has already been registered for veterinary medicine and is developed in human medicine in oncology, neurological diseases, and inflammatory diseases. The company is headquartered in Paris, France, and listed on Euronext Paris (ticker: AB).

Further information is available on AB Science’s website: www.ab-science.com.

Forward-looking Statements – AB Science
This press release contains forward-looking statements. These statements are not historical facts. These statements include projections and estimates as well as the assumptions on which they are based, statements based on projects, objectives, intentions and expectations regarding financial results, events, operations, future services, product development and their potential or future performance.

These forward-looking statements can often be identified by the words “expect”, “anticipate”, “believe”, “intend”, “estimate” or “plan” as well as other similar terms. While AB Science believes these forward-looking statements are reasonable, investors are cautioned that these forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict and generally beyond the control of AB Science and which may imply that results and actual events significantly differ from those expressed, induced or anticipated in the forward-looking information and statements. These risks and uncertainties include the uncertainties related to product development of the Company which may not be successful or to the marketing authorizations granted by competent authorities or, more generally, any factors that may affect marketing capacity of the products developed by AB Science, as well as those developed or identified in the public documents filed by AB Science with the Autorité des Marchés Financiers (AMF), including those listed in the Chapter 4 “Risk Factors” of AB Science reference document filed with the AMF on November 22, 2016, under the number R. 16-078. AB Science disclaims any obligation or undertaking to update the forward-looking information and statements, subject to the applicable regulations, in particular articles 223-1 et seq. of the AMF General Regulations.

For additional information, please contact:

AB Science

Financial Communication & Media Relations
[email protected]

Media Relations – USA

RooneyPartners

Jeffrey Freedman
[email protected]

+1 646 432 0191

Media Relations – France

NewCap

Arthur Rouillé
[email protected]

+33 (0)1 44 71 00 15

Attachment

• PR_AB Science_17.12.2020 vEng

COPENHAGEN, Denmark, Dec. 17, 2020 (GLOBE NEWSWIRE) — Evaxion Biotech A/S, a clinical-stage biotechnology company developing AI-driven immunotherapies to improve the lives of patients with cancer and infectious diseases, announced today the appointment of previously practicing commercial, technology and corporate lawyer Marianne Søgaard as Chairwoman of the Board of Directors.

Marianne Søgaard has been an executive and most recently Senior Vice President and General Counsel at Evaxion since 2018. Prior to that, she served for 22 years as lawyer and partner of the law firm Poul Schmith where she primarily focused on acquisitions of processes and technology solutions. She was also a member of the Board of Directors of Poul Schmith from 2014 to 2017. Currently, Mrs. Søgaard serves on a number of Boards of technology companies, including How to Robot and Altapay.

Lars Wegner, CEO of Evaxion, said: “We are very pleased to welcome Marianne Søgaard as the new Chairwoman of Evaxion. Marianne has been part of our team since 2018 and has been invaluable in the development and execution of our business model. With her extensive experience in legal affairs and technology, Marianne will provide important guidance and advice as we continue to develop our AI platforms to advance our product candidates through clinical development.”

Marianne Søgaard, Chairwoman of Evaxion, said: “It is an honor to become Chairwoman of Evaxion at such an exciting point in the company’s development. Evaxion is built on technology that we believe has the potential to revolutionize how cancer and infectious diseases are treated. I look forward to working together with the team and to playing my part in this journey.”

About Evaxion Biotech

Evaxion Biotech A/S is a clinical stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer and infectious diseases. Based on its proprietary and scalable AI-immunology core technology, Evaxion Biotech is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2 clinical development. In addition, the Company is advancing a portfolio of vaccines to treat bacterial and viral infections with one program currently in preclinical development against S. aureus (including Methicillin-resistant S. aureus, or MRSA) induced skin and soft tissue infections (SSTI).

For more information
Evaxion Glenn S. Vraniak Chief Financial Officer [email protected] +1 (513) 476-2669	LifeSci Advisors LLC Mary-Ann Chang Managing Director [email protected] +44 7483 284 853

BEIJING, Dec. 17, 2020 (GLOBE NEWSWIRE) — Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading nationwide online used car dealer in China, today announced its unaudited financial results for the quarter ended September 30, 2020.

Highlights for the Quarter Ended September 30, 2020

• 2C transaction volume (completed with the use of online sales) was 2,653 units for the three months ended September 30, 2020, compared with 1,702 units in the prior quarter ended June 30, 2020. 2C transaction volume (completed with the use of offline sales) was 23,566 units in the same period last year.
• 2C GMV
  
  ¹
  was RMB293 million for the three months ended September 30, 2020, compared with RMB2,828 million in the same period last year.
• Total revenues were RMB76.4 million (US$11.2 million) for the three months ended September 30, 2020, compared with RMB396.6 million in the same period last year.
  • 2C revenue was RMB61.3 million (US$9.0 million) for the three months ended September 30, 2020, compared with RMB334.3 million in the same period last year.
• Gross margin was negative 22.4% for the three months ended September 30, 2020, compared with a gross margin of 56.9% in the same period last year.
• Loss from continuing operations was RMB162.6 million (US$23.9 million) for the three months ended September 30, 2020, compared with RMB188.4 million in the same period last year.
• Non-GAAP adjusted loss from continuing operations was RMB178.3 million (US$26.3 million) for the three months ended September 30, 2020, compared with RMB189.6 million in the same period last year.
• Net loss from continuing operations was RMB258.9 million (US$38.1 million) for the three months ended September 30, 2020, compared with RMB202.3 million in the same period last year.
• Non-GAAP adjusted net loss from continuing operations was RMB274.6 million (US$40.4 million) for the three months ended September 30, 2020, compared with RMB203.5 million in the same period last year.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, “We are pleased with the progress we made in better serving our customers as a nationwide online used car dealer. Not only have we raised the bar in delivering enhanced customer experience, but we also validated our efforts by receiving improved customer satisfaction feedback during the quarter. We started to shift to an “inventory-owning” model in September 2020 and we are happy to report that we have successfully made the transition. The completion of our business model upgrade gives us better control over order flow and supply chain management, and this further strengthens our ability to maximize customer value through our dedicated approach: offering quality value-for-money used cars alongside best-in-class purchasing services.”

Mr. Dai added, “In fine-tuning our product and service offerings, we focused on three initiatives during the quarter ended September 30, 2020 to deliver better customer experience – adopting stricter standards for the quality and condition of our used cars, providing enhanced on-demand service delivery, and shortening the waiting period between initial ordering and final delivery of cars. As a result, we saw our net promoter score (or NPS) significantly increase to 30 for the reported quarter from only 10 for the quarter ended June 30, 2020. It’s worth mentioning as well that our NPS exceeded 45 in the month of September, demonstrating increasing traction of our products and services as well as growing customer loyalty. As we benefit from the improved customer satisfaction and greater willingness to recommend Uxin to others, we are confident that we can secure around 1,400 deposit-required purchase orders in December 2020. Our dedication to offering quality value-for-money used cars and best-in-class purchasing services, which are also our key growth drivers, contributes markedly to satisfying the increasing demand from a new group of customers who are more willing to pay a premium for high-quality cars and services. Although the expansion of our customer base and increase in transaction volume, catalyzed by these two drivers, presents us with a different growth trajectory, we believe this customer type has the potential to consistently contribute to our long-term growth as we are already starting to receive more purchase orders from customer referrals. Once we hit critical mass as our new customer base expands, we believe that customer trust and word-of-mouth referrals will translate into solid and sustainable long-term volume growth, further solidifying our brand and market position. This will provide a firm foundation for our future business development and for generating more long-term value for shareholders.”

Mr. Zhen Zeng, Chief Financial Officer of Uxin, said, “As we made the transition to an “inventory-owning” model, we continue to enhance operational efficiency across the board. Our focus on handpicking used cars now enables us to allocate our inspection resources to only specific qualified cars and helps to optimize inspection costs. In addition, we have been able to reduce sales and relevant administrative expenses as we streamlined our sales process by migrating every sales step online. With a fundamentally optimized cost and expense structure in place, we believe that we will achieve better operating leverage in the long term as we achieve scale, strengthen trust in the Uxin brand and benefit from positive word-of-mouth referrals among customers.”

Financial Results for the Quarter Ended September 30, 2020


Total revenues were RMB76.4 million (US$11.2 million) for the three months ended September 30, 2020, compared with RMB396.6 million in the same period last year. The decrease was primarily due to decreases in 2C transaction volume and GMV as a result of the Company’s business model transformation and partially offset by the revenue recognized on a gross basis as a result of the Company’s selling of its own used car inventory. Uxin has upgraded its entire used car transaction process and migrated every sales step online since June 2020, as it began to build its customer base with the use of online sales staff as opposed to an offline sales team.

2C revenue
was RMB61.3 million (US$9.0 million) for the three months ended September 30, 2020, compared with RMB334.3 million in the same period last year. For the three months ended September 30, 2020, 2C used car transaction volume completed by online sales was 2,653 units (corresponding 2C GMV was RMB293 million) which includes 308 units sold from the Company’s owned inventory (corresponding 2C GMV was RMB36 million). In comparison, 2C used car transaction volume completed by offline sales was 23,566 units (corresponding GMV was RMB2,828 million) in the same period last year.

• Commission revenue was RMB13.2 million (US$1.9 million) for the three months ended September 30, 2020, compared with RMB176.2 million in the same period last year. The decrease was primarily due to decreases in transaction volume and GMV. Commission rate² decreased to 5.2% for the three months ended September 30, 2020 from 6.2% in the same period last year. The decrease in commission rate was primarily due to the Company’s lowering of transaction fees since August 2020 in order to offer more competitive prices to customers.
• Value-added service revenue was RMB12.0 million (US$1.8 million) for the three months ended September 30, 2020, compared with RMB158.2 million in the same period last year. The decrease was primarily due to decreases in transaction volume and GMV. VAS take rate³ decreased to 4.7% for the three months ended September 30, 2020 from 5.6% in the same period last year as a result of the Company’s reduced service fees since August 2020 in order to offer more competitive prices to customers.
• Vehicle sales revenue was RMB36.1 million (US$5.3 million) for the three months ended September 30, 2020, compared with nil in the same period last year. Vehicle sales revenue is recognized on a gross basis when the Company sells its own inventory. Uxin shifted to an “inventory-owning” model since September 2020 as disclosed in the earnings release of the first quarter of fiscal year 2021.

Other revenue



⁴

was RMB15.1 million (US$2.2 million) for the three months ended September 30, 2020, compared with RMB62.2 million in the same period last year. The decrease was mainly due to the divestiture of the Company’s salvage car related business in January 2020.

Cost of revenues was RMB93.5 million (US$13.8 million) for the three months ended September 30, 2020, representing a decrease of 45.3% from RMB170.9 million in the same period last year. The decrease was primarily due to a decrease in salaries and benefits for employees engaged in car inspection, quality control, customer service and after-sales services, as well as a decrease in fulfillment cost due to lower transaction volume; but was partially offset by an increase in vehicle acquisition costs relating to the Company’s building of its own inventory since September 2020.

Gross margin was negative 22.4% for the three months ended September 30, 2020, compared with a gross margin of 56.9% in the same period last year.

Total operating expenses were RMB318.5 million (US$46.9 million) for the three months ended September 30, 2020. Total operating expenses excluding the impact of share-based compensation were RMB334.2 million.

• 
  Sales and marketing expenses
  decreased by 74.0% year-over-year to RMB75.5 million (US$11.1 million) for the three months ended September 30, 2020. The decrease was mainly due to a decrease in salaries and benefits expenses as a result of headcount reduction as well as a decrease in marketing expenses. Sales and marketing expenses excluding the impact of share-based compensation were RMB75.5 million.

• 
  General and administrative expenses
  decreased by 18.1% year-over-year to RMB55.9 million (US$8.2 million) for the three months ended September 30, 2020. The decrease was mainly due to a reverse in share-based compensation expenses as a result of forfeitures incurred by the termination of employment. General and administrative expenses excluding the impact of share-based compensation were RMB70.5million.

• 
  Research and development expenses
  decreased by 45.0% year-over-year to RMB19.1 million (US$2.8 million) for the three months ended September 30, 2020. The decrease was primarily due to a decrease in salaries and benefits expenses as a result of headcount reduction. Research and development expenses excluding the impact of share-based compensation were RMB20.0 million.

• 
  Loss from guarantee liabilities
  was nil for the three months ended September 30, 2020. The Company incurred guarantee liabilities associated with the remaining guarantee obligations from its historically-facilitated loans that were not transferred to Golden Pacer. The Company adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2020 under a modified retrospective method. Before the adoption of ASC 326, gain or loss related to guarantee liabilities accounted for under the greater of the amount determined based on ASC 460 and the amount determined under ASC 450 was recorded as “gain or loss from guarantee liabilities”. After the adoption of ASC 326, expected credit losses of contingent guarantee liabilities shall be accounted for in addition to and separately from the stand ready guarantee liabilities accounted for under ASC 460, and the provision for contingent guarantee liabilities is currently recorded within “provision for credit losses”; and the gain released from the stand ready guarantee liabilities accounted for under ASC 460 is currently recorded within “other operating income”.

• 
  Provision for credit losses, net
  was RMB168.1 million (US$24.8 million) for the three months ended September 30, 2020. In order to settle the Company’s remaining guarantee liabilities, the Company entered into a supplemental agreement on April 23, 2020 (the “April Agreement”) with one of its major financing partners with regards to the Company’s historically-facilitated loans. Pursuant to the April Agreement, such financing partner agreed to set a cap on the amount of cash the Company would use to fulfil its guarantee obligations from 2020 to 2022. As a result, a release of contingent guarantee liabilities of RMB86.0 million was recognized for the quarter ended June 30, 2020 representing the time value of potential cash outflow. Subsequently on July 23, 2020, the Company entered into another supplemental agreement (the “July Agreement”), which amended and restated the April Agreement, with the aforementioned financing partner to entirely settle its remaining guarantee liabilities associated with the historically-facilitated loans for this financing partner. Pursuant to the July Agreement, the Company is entitled to settle all its remaining guarantee liabilities under the condition that the Company pays the settlement amount in instalments from 2020 to 2025 based on an agreed schedule. As a result, the aforementioned previously recorded time value of the contingent guarantee liabilities in the amount of RMB83.7 million was reversed, based on the time value determined up to August 8, 2020, which was the closing day of the July Agreement.

Loss from continuing operations was RMB162.6 million (US$23.9 million) for the three months ended September 30, 2020, compared with RMB188.4 million in the same period last year.

Non-GAAP adjusted loss from continuing operations which excludes the impact of share-based compensation was RMB178.3 million (US$26.3 million) for the three months ended September 30, 2020, compared with RMB189.6 million in the same period last year.

Net loss from continuing operations was RMB258.9 million (US$38.1 million) for the three months ended September 30, 2020, compared with RMB202.3 million in the same period last year.

Non-GAAP adjusted net loss from continuing operations which excludes the impact of share-based compensation was RMB274.6 million (US$40.4 million) for the three months ended September 30, 2020, compared with RMB203.5 million in the same period last year.

As of September 30, 2020, the Company had cash and cash equivalents of RMB219.3 million (US$32.3 million).

Liquidity


The COVID-19 pandemic has caused a general slowdown in economic activity, and weakened consumer confidence and spending power resulted in a relatively slow recovery in transaction volumes. These factors have materially and adversely affected the Company’s business, results of operations, financial condition and cash flows. Although China’s economy has been gradually recovering and the used car market has been slowly picking up since April 2020 as the industry’s infrastructure and supply chain started to resume operations, the impact of the pandemic may continue to create significant challenges and uncertainties for the market environment as the COVID-19 pandemic is still evolving and its full impact will still depend on future developments.

In response to the current economic situation, the Company has taken actions to improve its liquidity and cash position. As disclosed in the earnings release for the quarter ended June 30, 2020, the Company entered into a final supplemental agreement in July 2020 with a financing partner to settle its remaining guarantee liabilities associated with historically-facilitated loans. Under the final supplemental agreement, the Company is able to settle its obligations by making installment payments through 2025, which will limit the Company’s cash outflow commitments over the next few years to a set amount and relieve the Company of any relevant guarantee liabilities after the full amount is paid. The Company also entered into agreements with one of its convertible note holders in July 2020 to convert the notes into the Company’s Class A ordinary shares, and thereby eliminate the obligation to repay the notes in cash. In addition, the Company entered into definitive agreements in October 2020 with two investors to issue and sell in an aggregate of 84,692,839 Class A ordinary shares for an aggregate consideration of approximately US$25,000,000. Pursuant to the agreements, the proceeds were received in October 2020. With these agreements in place, the Company’s immediate liquidity position has been significantly improved. Looking forward, the Company will continue to negotiate with alternative financing partners who can provide more choices for financing solutions for the Company’s customers when buying a car. The Company is also actively working on several other financing projects to further improve liquidity and its cash position. The Company has also controlled its cash outflows by bringing down overall costs and expenses through the upgrade of its used car transaction process and migration of its entire sales process online, as well as streamlining its business operations.

However, the continuing impact of the COVID-19 pandemic continues to create significant challenges and uncertainties for the market environment, which could continue to negatively impact the demand for used cars. Also, the Company’s business plan includes several significant assumptions. These assumptions include the increasing demand for used cars over the next twelve months, the successful implementation of the Company’s program to build a used car inventory, the ability to successfully negotiate with financing partners and the ability to control costs and outgoing cash flows. These significant assumptions reflect the Company’s current judgement and are subject to uncertainties. In addition, the financing projects that the Company is working on are subject to certain uncertainties. These conditions and uncertainties cast substantial doubt on the Company’s ability to pay obligations as they become due over the next twelve months, which would impact the Company’s ability to continue as a going concern. Taking into consideration the ongoing evolution of the COVID-19 pandemic, if the Company is successful in executing the aforementioned business plan and its ongoing financing projects, management believes that the Company will have sufficient liquidity for at least the next twelve months of operations.

Recent Update


On October 6, 2020, the Company separately entered into definitive agreements with two investors, pursuant to which Uxin issued and sold an aggregate of 84,692,839 Class A ordinary shares to these investors through private placements for an aggregate purchase price of approximately US$25,000,000 (the “Private Placements”). The Private Placements were closed in October 2020.

Business Outlook


With the adoption of an “inventory-owning” model, Uxin expects its total revenues to be in the range of RMB275 million to RMB290 million for the three months ended December 31, 2020. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call


The Company’s management will host an earnings conference call at 8:00 AM on December 17, 2020 U.S. Eastern Time (9:00 PM on December 17, 2020 Beijing/Hong Kong time).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.

Conference Call Preregistration

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/1058883. Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call until December 24, 2020. The dial-in details for the replay are as follows:

U.S.:	+1 646 254 3697
International:	+61 2 8199 0299
Conference ID:	1058883

A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin’s website at http://ir.xin.com.

About Uxin

Uxin Limited (Nasdaq: UXIN) is a leading nationwide online used car dealer in China. With its offerings of high-quality used cars and best-in-class purchasing services, Uxin’s mission is to enable people to buy the car of their choice online. Uxin’s one-stop online shopping mall provides consumers with a nationwide selection of value-for-money used cars, various value-added products and services as well as comprehensive aftersales services. Its online sales consultants offer professional consulting to facilitate a convenient and efficient car purchase for consumers in a timely fashion. Its comprehensive fulfillment network supports nationwide logistics and delivery as well as title transfers between different cities across China so as to fulfill these online transactions.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses a non-GAAP measure, adjusted loss from continuing operations, adjusted net (loss)/income from continuing operations and adjusted net (loss)/earnings from continuing operations per share, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted loss from continuing operations excluding share-based compensation. The Company defines adjusted net (loss)/income from continuing operations as net (loss)/income from continuing operations excluding share-based compensation. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Adjusted net (loss)/income from continuing operations enables management to assess the Company’s operating results without considering the impact of share-based compensation, which is non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance as this measure excludes certain expenses that are not expected to result in cash payments. 

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using adjusted net (loss)/income from continuing operations is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the business and is not reflected in the presentation of adjusted net loss. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Uxin’s non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.7896 to US$1.00, representing the index rate as of September 30, 2020 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin’s strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: impact of the COVID-19 pandemic, Uxin’s goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media enquiries, please contact:

Nancy Song

Uxin Investor Relations
Tel: +86 10 5691-6765
Email: [email protected]

Eric Yuan

Christensen
Tel: +86 10 5900 1548
Email: [email protected]

___________________________

1 GMV is gross merchandise value as measured by gross selling price of used cars, excluding service fees charged.
2 Commission rate is measured by commission revenue divided by non-inventory 2C GMV.
3 VAS take rate is measured by VAS revenue divided by non-inventory 2C GMV.
4 Other revenue mainly consists of revenue streams from advertising and the selling of sales leads in relation to consumers who want to sell their existing cars.

Uxin Limited
Unaudited Consolidated Statements of Comprehensive Loss
(In thousands except for number of shares and per share data)
	For the three months ended September 30,								For the six months ended September 30,
	2019			2020					2019			2020
	RMB			RMB		US$			RMB			RMB		US$
Revenues
To consumers (“2C”)
– Commission revenue	176,169			13,221		1,947			355,070			41,803		6,157
– Value-added service revenue	158,165			11,971		1,763			320,219			35,102		5,170
– Vehicle sales revenue	–			36,108		5,318			–			36,108		5,318
Others	62,243			15,065		2,219			110,586			25,580		3,768
Total revenues	396,577			76,365		11,247			785,875			138,593		20,413
Cost of revenues	(170,891	)		(93,484	)	(13,769	)		(342,584	)		(173,396	)	(25,538	)
Gross profit/(loss)	225,686			(17,119	)	(2,522	)		443,291			(34,803	)	(5,125	)
Operating expenses
Sales and marketing	(290,650	)		(75,526	)	(11,124	)		(584,314	)		(191,276	)	(28,172	)
General and administrative	(68,196	)		(55,851	)	(8,226	)		(190,565	)		(142,749	)	(21,025	)
Research and development	(34,673	)		(19,068	)	(2,808	)		(66,570	)		(41,873	)	(6,167	)
Loss from guarantee liabilities	(22,463	)		–		–			(15,316	)		–		–
Provision for credit losses, net	–			(168,078	)	(24,755	)		–			(94,056	)	(13,853	)
Total operating expenses	(415,982	)		(318,523	)	(46,913	)		(856,765	)		(469,954	)	(69,217	)
Other operating income (i)	1,915			173,044		25,487			1,915			213,796		31,489
Loss from continuing operations	(188,381	)		(162,598	)	(23,948	)		(411,559	)		(290,961	)	(42,853	)
Interest income	7,177			42,704		6,290			11,165			43,840		6,457
Interest expenses	(29,796	)		(23,916	)	(3,522	)		(56,236	)		(52,885	)	(7,789	)
Other income	9,760			3,102		457			15,613			4,999		736
Other expenses	(16,458	)		(1,668	)	(246	)		(21,883	)		(5,765	)	(849	)
Foreign exchange gains/(losses)	4,942			(200	)	(29	)		5,018			74		11
Gain from disposal of investment	–			–		–			28,257			–		–
Inducement charge (ii)	–			(121,056	)	(17,830	)		–			(121,056	)	(17,830	)
Impairment of long-term investment	–			–		–			(37,775	)		–		–
Loss from continuing operations before income tax expense	(212,756	)		(263,632	)	(38,828	)		(467,400	)		(421,754	)	(62,117	)
Income tax credit/(expense)	516			–		–			6,148			(32	)	(5	)
Equity in income of affiliates	9,942			4,728		696			18,149			10,482		1,544
Net loss from continuing operations, net of tax	(202,298	)		(258,904	)	(38,132	)		(443,103	)		(411,304	)	(60,578	)
Less: net loss attributable to non-controlling interests shareholders	(332	)		(2	)	–			(678	)		(7	)	(1	)
Net loss from continuing operations, attributable to UXIN LIMITED	(201,966	)		(258,902	)	(38,132	)		(442,425	)		(411,297	)	(60,577	)
Discontinued operations
Net (loss)/income from discontinued operations before income tax (including a net disposal gain of RMB721,211 for the three months ended September 30, 2020)	(169,983	)		–		–			(294,913	)		295,744		43,558
Income tax expense	(132	)		–		–			(400	)		–		–
Net (loss)/income from discontinued operations	(170,115	)		–		–			(295,313	)		295,744		43,558
Net (loss)/income from discontinued operations attributable to UXIN LIMITED	(170,115	)		–		–			(295,313	)		295,744		43,558
Net loss	(372,413	)		(258,904	)	(38,132	)		(738,416	)		(115,560	)	(17,020	)
Less: net loss attributable to non-controlling interests shareholders	(332	)		(2	)	–			(678	)		(7	)	(1	)
Net loss attributable to UXIN LIMITED	(372,081	)		(258,902	)	(38,132	)		(737,738	)		(115,553	)	(17,019	)
Net loss attributable to ordinary shareholders	(372,081	)		(258,902	)	(38,132	)		(737,738	)		(115,553	)	(17,019	)
Net loss	(372,413	)		(258,904	)	(38,132	)		(738,416	)		(115,560	)	(17,020	)
Foreign currency translation	(32,381	)		63,095		9,293			(45,240	)		64,782		9,541
Total comprehensive loss	(404,794	)		(195,809	)	(28,839	)		(783,656	)		(50,778	)	(7,479	)
Less: total comprehensive loss attributable to non-controlling interests shareholders	(332	)		(2	)	–			(678	)		(7	)	(1	)
Total comprehensive loss attributable to UXIN LIMITED	(404,462	)		(195,807	)	(28,839	)		(782,978	)		(50,771	)	(7,478	)
Net loss attributable to ordinary shareholders	(372,081	)		(258,902	)	(38,132	)		(737,738	)		(115,553	)	(17,019	)
Weighted average shares outstanding – basic	882,780,751			997,548,971		997,548,971			882,775,049			997,541,095		997,541,095
Weighted average shares outstanding – diluted	882,780,751			997,548,971		997,548,971			882,775,049			1,225,268,425		1,225,268,425
(Loss)/earnings per share for ordinary shareholders, basic
Continuing operations	(0.23	)		(0.26	)	(0.04	)		(0.50	)		(0.41	)	(0.06	)
Discontinued operations	(0.19	)		–		–			(0.33	)		0.30		0.04
(Loss)/earnings per share for ordinary shareholders, diluted
Continuing operations	(0.23	)		(0.26	)	(0.04	)		(0.50	)		(0.41	)	(0.06	)
Discontinued operations	(0.19	)		–		–			(0.33	)		0.27		0.04
(i) We have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (“ASU 2016-13”) effective January 1, 2020 using the modified retrospective method. Before the adoption of ASU 2016-13, gain or loss related to guarantee liabilities accounted for under ASC 460 was recorded as “gain or loss from guarantee liabilities”. After the adoption of ASU 2016-13, the gain released from the guarantee liabilities accounted for under ASC 460 is recorded within “other operating income” and the relevant credit losses of guarantee liabilities are recorded within “provision for credit losses”. As a result of the aforementioned July Agreement we entered into with WeBank, all guarantee liabilities associated with the historically-facilitated loans for WeBank accounted for under ASC 460 were released and therefore a released gain of RMB168.6 million was recorded on August 8, 2020. (ii) On July 23, 2020, we entered into agreements with PacificBridge to amend the terms of the convertible notes in an aggregate principal amount of US$50 million that we issued to PacificBridge between July and November 2019. We recorded an inducement charge of RMB121.1 million due to the amended conversion price at which PacificBridge converted all the convertible notes into 136,279,973 Class A ordinary shares.

Uxin Limited
Unaudited Consolidated Balance Sheets
(In thousands except for number of shares and per share data)
	As of March 31,			As of September 30,
	2020			2020
	RMB			RMB		US$
ASSETS
Current assets
Cash and cash equivalents	342,504			219,318		32,302
Restricted cash	454,931			40,119		5,909
Accounts receivable, net	6,397			5,168		760
Amounts due from related parties, net of provision for credit losses of nil and RMB259 as of March 31, 2020, and September 30, 2020, respectively (i)	28,070			151,136		22,260
Loan recognized as a result of payment under the guarantee, net of provision for credit losses of RMB2,190,575 and RMB2,045,898 as of March 31, 2020, and September 30, 2020, respectively	404,174			317,102		46,704
Advance to sellers, net	132,526			45,768		6,741
Other receivables, net of provision for credit losses of RMB51,666 and RMB45,412 as of March 31, 2020 and September 30, 2020, respectively	287,753			135,819		20,004
Inventory	10,314			32,176		4,739
Prepaid expenses and other current assets	137,148			125,346		18,461
Financial lease receivables, net of provision for credit losses of RMB27,250 and RMB27,197 as of March 31, 2020, and September 30, 2020, respectively	15,048			–		–
Net assets transferred (ii)	420,000			–		–
Total current assets	2,238,865			1,071,952		157,880
Non-current assets
Property, equipment and software, net	87,558			56,083		8,260
Intangible assets, net	139			62		9
Goodwill	9,541			–		–
Long term investments	276,762			283,253		41,719
Other non-current assets (iii)	–			42,000		6,186
Right-of-use assets, net (iv)	34,466			56,371		8,303
Total non-current assets	408,466			437,769		64,477
Total assets	2,647,331			1,509,721		222,357
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Short-term borrowings and current portion of long-term borrowings	119,069			25,655		3,779
Accounts payable	132,357			113,962		16,785
Guarantee liabilities	910,949			8,147		1,200
Deposit of interests from consumers and payable to financing partners	25,968			128		19
Advance from buyers collected on behalf of sellers	110,493			65,221		9,606
Other payables and accruals	1,175,914			868,189		127,870
Deferred revenue	50,348			43,012		6,335
Convertible notes, current (v)	375,449			–		–
Amounts due to related parties (vi)	–			37,736		5,558
Operating lease liabilities, current	32,842			14,313		2,108
Consideration payment to WeBank, current (vii)	–			59,757		8,801
Liabilities held for sale (viii)	143,009			–		–
Total current liabilities	3,076,398			1,236,120		182,061
Non-current liabilities
Long-term borrowings	234,585			233,000		34,317
Convertible bonds, non-current	1,679,130			1,643,405		242,047
Operating lease liabilities, non-current (iv)	1,865			41,618		6,130
Consideration payment to WeBank, non-current (vii)	–			263,586		38,822
Total non-current liabilities	1,915,580			2,181,609		321,316
Total liabilities	4,991,978			3,417,729		503,377
Shareholders’ deficit
Ordinary shares	581			675		99
Additional paid-in capital	13,036,989			13,524,312		1,991,916
Accumulated other comprehensive income	106,764			171,546		25,266
Accumulated deficit	(15,488,827	)		(15,604,380	)	(2,298,277	)
Total Uxin’s shareholders’ deficit	(2,344,493	)		(1,907,847	)	(280,996	)
Non-controlling interests	(154	)		(161	)	(24	)
Total shareholders’ deficit	(2,344,647	)		(1,908,008	)	(281,020	)
Total liabilities and shareholders’ deficit	2,647,331			1,509,721		222,357
(i) Amounts due from related parties mainly represented the consideration receivables from 58.com due to the divestiture of B2B online used car auction business in April 2020. (ii) Pursuant to the supplemental agreements we entered into with Golden Pacer to divest our loan facilitation related business in April 2020, net assets transferred referred to the pre-transferred net assets of XW Bank as of March 31, 2020. The transaction was completed in April 2020. (iii) Other non-current assets represented our prepayment for financial solution advisory services. We entered into a long-term strategic cooperation agreement with Golden Pacer separately in April 2020, and an aggregate amount of RMB60.0 million as prepayment was made in exchange for a 5-year financial solution advisory services from Golden Pacer. (iv) It mainly represented a 5-year lease agreement for our headquarters office building in Beijing signed in late April 2020. (v) All short-term convertible notes were converted into 136,279,973 Class A ordinary shares on July 23, 2020. (vi) Amounts due to related parties mainly represented the advertising and marketing expenses payable to 58.com. (vii) On July 23, 2020, we entered into a supplemental agreement with WeBank to settle our remaining guarantee liabilities associated with the historically-facilitated loans for WeBank. Pursuant to the agreement, we will pay an aggregate amount of RMB372 million to WeBank from 2020 to 2025 as guarantee settlement with a maximum annual settlement amount of no more than RMB84 million. Upon the signing of the supplemental agreement, we are no longer subject to guarantee obligations in relation to our historically-facilitated loans for WeBank under the condition that we make the instalments based on the agreed-upon schedule set forth in the supplemental agreement. (viii) Liabilities held for sales were related to the divestiture of our B2B online used car auction business. The divestiture was completed in April 2020.

* Share-based compensation charges from continuing operations included are as follows:
	For the three months ended September 30,								For the six months ended September 30,
	2019			2020					2019			2020
	RMB			RMB		US$			RMB			RMB		US$
Cost of revenue	–			7		1			–			2,149		317
Sales and marketing	–			(10	)	(1	)		–			5,046		743
General and administrative	37			(14,682	)	(2,162	)		26,804			(25,434	)	(3,746	)
Research and development	(1,239	)		(970	)	(143	)		(930	)		(2,091	)	(308	)

Uxin Limited
Unaudited Reconciliations of GAAP And Non-GAAP from Continuing Operation Results
(In thousands except for number of shares and per share data)
	For the three months ended September 30,								For the six months ended September 30,
	2019			2020					2019			2020
	RMB			RMB		US$			RMB			RMB		US$
Loss from continuing operations	(188,381	)		(162,598	)	(23,948	)		(411,559	)		(290,961	)	(42,853	)
Add: Share-based compensation expenses	(1,202	)		(15,655	)	(2,305	)		25,874			(20,330	)	(2,994	)
– Cost of revenue	–			7		1			–			2,149		317
– Sales and marketing	–			(10	)	(1	)		–			5,046		743
– General and administrative	37			(14,682	)	(2,162	)		26,804			(25,434	)	(3,746	)
– Research and development	(1,239	)		(970	)	(143	)		(930	)		(2,091	)	(308	)
Non-GAAP adjusted loss from continuing operations	(189,583	)		(178,253	)	(26,253	)		(385,685	)		(311,291	)	(45,847	)
	For the three months ended September 30,								For the six months ended September 30,
	2019			2020					2019			2020
Net loss from continuing operations	(202,298	)		(258,904	)	(38,132	)		(443,103	)		(411,304	)	(60,578	)
Add: Share-based compensation expenses	(1,202	)		(15,655	)	(2,305	)		25,874			(20,330	)	(2,994	)
– Cost of revenue	–			7		1			–			2,149		317
– Sales and marketing	–			(10	)	(1	)		–			5,046		743
– General and administrative	37			(14,682	)	(2,162	)		26,804			(25,434	)	(3,746	)
– Research and development	(1,239	)		(970	)	(143	)		(930	)		(2,091	)	(308	)
Non-GAAP adjusted net loss from continuing operations	(203,500	)		(274,559	)	(40,437	)		(417,229	)		(431,634	)	(63,572	)
Non-GAAP adjusted net loss from continuing operations per share – basic	(0.23	)		(0.28	)	(0.04	)		(0.47	)		(0.43	)	(0.06	)
Non-GAAP adjusted net loss from continuing operations per share – diluted	(0.23	)		(0.28	)	(0.04	)		(0.47	)		(0.43	)	(0.06	)
Weighted average shares outstanding – basic	882,780,751			997,548,971		997,548,971			882,775,049			997,541,095		997,541,095
Weighted average shares outstanding – diluted	882,780,751			997,548,971		997,548,971			882,775,049			1,225,268,425		1,225,268,425
Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB6.7896 as of September 30, 2020 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System.